Chemours raises earnings guidance after strong 3rd quarter

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Wilmington-based Chemours Company raised its guidance for 2022 after a strong third quarter.

3rd quarter results

  • Net Sales of $1.7 billion, up 36% year-over-year
  • Net Income of $214 million with earnings per share  of $1.27, up $0.81 year-over-year
  • Adjusted Net Income* of $214 million.
  • Free Cash Flow of $244 million
  • Repurchased $67 million of common stock during the quarter, repaid $108 million of debt principal, and funded $100 million escrow payment as per the MOU agreement
  • U.S. EPA established final rules for the phasedown of HFC refrigerants designed to accelerate the widespread use of alternatives such as Chemours’ Opteon.
  • On October 27,  the company’s Board of Directors approved a fourth-quarter dividend of $0.25 per share, consistent with the prior quarter

2021 Revised Outlook

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  • Adjusted EBITDA (earnings before taxes and other costs)  between $1,300 million and $1,340 million, vs. prior guidance in the top-end of $1,100 million to $1,250 million range
  • Adjusted earnings pre share between  $3.93 and $4.13 vs. prior guidance in the top-end of  $2.84 to $3.56 range
  • Free Cash Flow now expected to be greater than $500 million vs. prior outlook of greater than $450 million. 
  • Capital expense  guidance lowered to ~$325 million from ~$350 million previously, mainly driven by the timing of projects 

“The Chemours team continues to demonstrate resilience along with a renewed focus on sustainable growth of our key businesses. We have met every challenge head-on, continue to prioritize and serve our customers, and uphold our commitments to all stakeholders despite the difficult operating environment,” said Chemours CEO Mark Newman. “Our strong top line, bottom line and cash results in the quarter demonstrate the strength of this business and the progress we are making towards better quality of earnings and higher shareholder returns. I am confident that we have the right business strategies, an inspired group of leaders and empowered employees to consistently deliver across cycles and over time.” 

Chemours has its headquarters in Wilmington and its research center at the University of Delaware STAR Campus near Newark.

 

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